The Internet of things has rapidly expanded into nearly all facets of daily life. Recently, electronic devices have begun interacting to exchange information in ad-hoc transaction communications, replacing older information transfer technologies. For example, many organizations now use near field communication and wireless transceivers to receive account information from smart phones, to conduct payment transactions, grant access to secure areas, or identify an individual associated with the smartphone. Generally, the smartphone transmits the account information or a randomly-generated number to complete a transaction.
Current systems include security measures to protect from fraud or theft, if the smartphone is stolen or lost. But when an electronic device or traditional card is lost or compromised, the account issuer must close the account, open a new account, and issue a new account number to prevent fraud or identity theft. In the meantime, fraudulent activity can occur when an unauthorized individual has the actual account information. Once the issuer closes the account, a new account is opened with new sensitive account information.
In view of the shortcomings of current systems, an improved system and method for controlling electronic device interactions is desired.